FHA Househack REO property

[Louis L.]

Can anyone list some benefits/drawbacks of purchasing an REO property?

Im sure there are more details I need to be aware of such as home inspection, making sure title and CofO are up to snuff. Any other big triggers I should be aware of?

Im looking to do my first househack in NJ along the hudson river, to be close to Manhattan. Prices across the river are dirt cheap in comparison and in many cases just a 15 minute cab ride! It seems things get picked up quickly, i do see some REO's listed online though.